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The Difference Between a Revocable Living Trust and a Will

November 1, 2016

 You might ask yourself, “I have a will, why do I need to do an estate plan?” If you ask yourself this question, then I have listed the pros and cons of having a Living Trust and/or Will.

 

Have a Will and Revocable Living Trust:

  • Allows you to select beneficiaries for your property

  • Make decisions on which children will receive your property

  • Revoke and change your wishes, in the legal documents at any time

 

Have a Revocable Living Trust, and No Will, My Options:

  • My personal property will avoid probate

  • The living trust may reduce the chance of a court dispute over my estate

  • Avoid an adult guardianship or conservatorship

  • Keeps your estate plan documents private upon your passing

 

Have a Will, Not a Trust, My Options:

  • Designate guardians for children

  • Decide on managers for children’s property

  • Elect an executor

  • Choose how debts or taxes should be paid 

 

Call Stephen Capone today at 808-371-1868 for a free consultation to review your Trust documents.

 

 

 

 

 

 

 

 

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